Former fund executives stand to reap big payouts from LPL public offering
Two former chief executives of mutual fund companies that built their businesses on the direct-sold model are in the position to make money as a result of the pending LPL Investment Holdings Inc. initial public offering.
John J. Brennan, former chief executive of The Vanguard Group Inc., and James S. Riepe, former chairman of T. Rowe Price Group Inc., are on the LPL board and own shares of the broker-dealer, which filed a preliminary prospectus for an IPO with the Securities and Exchange Commission two weeks ago. Th
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